The EURUSD is trading lower and at lows for the day after testing a swing area on the top side between 1.0961 and 1.0973. The high price they reach 1.0962. Yesterday the high price extended above the swing high area at 1.0973 up to 1.0975 before rotating back to the downside.
The current price is trading around 1.0930 which is right between the 100-hour moving average of 1.0928 in the 200-hour moving is 1.0932. The panel discussion of central bankers will begin at 9:30 AM and perhaps the market is waiting for some shove from that, but with central bankers from the ECB, the BOE, and Fed all pointing toward higher rates going forward, they may just cancel each other out in the currency world.
Nevertheless, traders will be watching the extremes of where most of the trading has taken place since June 15. That value area range comes between 1.0890 and 1.0975. In between since the two hourly moving averages around the 1.0930 level.
This article was written by Greg Michalowski at www.forexlive.com. Source